Internet Banking or Online Banking or Net Banking or Web Banking or E Banking is the conduct of banking transactions via the Internet through the Bank’s Internet portal. Internet Banking’s popularity in Malaysia can be gauged from the fact that the number of users has risen from 2.6 million in 2005 to 15.5 million in 2013 representing 74% of the banking population of which 42% are regular, active users. This is because there are a host of benefits to be derived from Internet Banking:
1. Accessibility
Internet Banking provides users with 24 hour access to banking services, 7 days a week, round the year. What is more important is that this access is immediate – no travelling, no waiting for parking and then no waiting in queues!
2. Easy Financial Management
Online Banking provides you with the facility to link all your accounts – savings, current, term deposits, loans, credit cards under the same account name. With all your banking accounts under one roof you can better manage your spending and saving. You can set standing instructions for regular bill payments and since you know your spending patterns well you can also set instructions for sweeping account surplus to term deposits thus enhancing your savings. Financial management becomes so much more easier.
3. Updated
Internet Banking provides you with an up-to-date, in fact up-to-the-minute view of all your accounts.
4. Secure
Online Banking is generally very safe and secure. Almost all banks use a 128-bit Secure Socket Layer (SSL), which is one of the strongest encryption technologies used by large-scale online merchants, global banks, and brokerages worldwide. In addition, various banks have different authentication procedures in place that enhance the security of your banking. You can also opt for receiving alerts and reminders whenever transactions happen enabling you to be alert to fraudulent happenings on your account.
5. Complete Banking convenience
Online Banking permits you to conduct a whole host of banking transactions from the convenience of wherever you are. These include opening or closing term deposits, transferring funds, paying bills, managing cheques, trading, investing, changing your account limits, applying for credit cards or loans – the list is virtually endless.
6. Free
Subscription to Internet Banking services is generally free although certain services availed through Internet Banking may be charged including interbank transfers, telegraphic transfers, cheque book requisitions etc.
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